Shiba Inu Burn Rate Skyrockets 2,094%: What Is Going On?

Shiba Inu SHIB/USD has seen a massive spike in burn activity and on-chain growth, fueling speculation of a macro trend reversal.

Trader Notes: TradingView analyst Wavervanir International highlighted a potential macro bullish reversal forming at the $0.00001114 support zone.

The recent bounce follows an extended drawdown, suggesting buyers are stepping in at structurally important levels.

Key resistance targets are outlined at $0.00002393, $0.00003209 and $0.00004523.

The analyst assigns a 65% probability of a bullish breakout, with a 25% chance of breakdown and 10% likelihood of sideways chop.

Historical consolidation zones from mid-2023 to early 2024 further support the idea of accumulation in the current range.

Statistics: Data from Shibburn shows that over 16.2 million SHIB were burned in the past 24 hours, with 15.4 million eliminated in just one transaction.

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The burn rate soared by 2,093.8%, reflecting a sudden increase in deflationary pressure on the meme coin.

On the fundamentals side, Shibarium, Shiba Inu's Layer-2 blockchain, surpassed 200 million total addresses, with new account registrations jumping from 395 to 859 in just 24 hours.

Although daily transactions dipped over the past four days, the broader trend has been upward since mid-April.

IntoTheBlock data shows Shiba Inu large transaction volume narrowed by 24.9% while transactions greater than $100,000 declined from 99 to 80.

Community News: Shibarium continues to gain traction in community tools, Zypto App announced, in a X post on April 29, it will become the first DeFi wallet to natively integrate both ShibaSwap and Shibarium.

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